Statutory Instruments
2007 No. 1616
corporation tax
The Finance Act 1994, Section 220 (Amendment) Regulations 2007
Made
6th June 2007
Laid before the House of Commons
7th June 2007
Coming into force
1st July 2007
Citation, commencement and effect
1. —(1) These Regulations may be cited as the Finance Act 1994, Section 220 (Amendment) Regulations 2007 and shall come into force on 1st July 2007.
(2) These Regulations shall have effect for accounting periods ending on or after that date.
Amendment of section 220 of the Finance Act 1994
2. In section 220(2) (profits or losses arising to a corporate member of Lloyd’s in any underwriting year) of the Finance Act 1994( 3 ) for paragraph (b) substitute—
“ (b) the profits or losses arising to a corporate member from assets forming part of a premium trust fund which shall be taken to be profits or losses of any underwriting year are—
(i) those allocated under the rules or practice of Lloyd’s to any previous year or years the profits or losses of which are declared in that year, and
(ii) those arising in that year and not so allocated to any previous year or years. ” .
Paul Gray
Mike Eland
Two of the Commissioners for Her Majesty’s Revenue and Customs
6th June 2007
1994 c. 9 ; section 229 was renumbered as section 229(1) by section 45(5) of the Finance (No.2) Act 2005 (c. 22) .
The functions of the Commissioners of Inland Revenue were transferred to the Commissioners for Her Majesty’s Revenue and Customs by section 5(2) of the Commissioners for Revenue and Customs Act 2005 (c. 11) . Section 50 of that Act provides that in so far as it is appropriate in consequence of section 5 a reference in an enactment, however expressed, to the Commissioners of Inland Revenue is to be read as a reference to the Commissioners for Her Majesty’s Revenue and Customs.
Section 220 was amended by article 87 of S.I. 2001/3629 .